HotForex is a MetaTrader-only broker offering market-maker execution across a perplexing variety of six different account types. With a slightly enhanced MetaTrader offering, HotForex provides a limited selection of tradeable products compared to leading multi-asset brokers.
- Founded in 2010, HotForex is a MetaTrader broker. Customers have access to just over 100 securities, and limitations apply; for example, crypto CFDs are not tradeable on weekends.
- HotForex is regulated but has only one tier-1 license, has only been operating for nine years, and overall trails Trust leaders like IG, Saxo Bank, and CMC Markets.
- With six different account type options, pricing at HotForex varies greatly by account type. At best, HotForex's pricing is slightly better than the industry standard; however, pricing still trails low-cost leaders such as CMC Markets and FOREX.com.
- HotForex offers the full MetaTrader suite with an optional tools package for customers called Premium Trader Tools to enhance the default experience. Compared to other top-rated MetaTrader brokers, HotForex MetaTrader offering is respectable, but not award-winning.
- Less the addition of AutoChartist, market research is far from challenging industry leaders such as Saxo Bank and IG. Social copy trading with HotForex also failed to impress.
|Offering of Investments|
|Commissions & Fees|
|Platform & Tools|
Is HotForex Safe?
HotForex is considered average-risk, with an overall Trust Score of 80 out of 99. HotForex is not publicly traded and does not operate a bank. HotForex is authorised by one tier-1 regulator (high trust), three tier-2 regulators (average trust), and two tier-3 regulators (low trust). HotForex is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Offering of Investments
The following table summarizes the different investment products available to HotForex clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||49|
|CFDs - Total Offered||104|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
Commissions & Fees
HotForex offers six account types, ranging from Micro to Premium, as well as accounts with fixed spreads, and one account dedicated to copy trading. Based on the data displayed by HotForex, our best guess is that Zero and Fixed accounts are the most popular.
Comparisons: On the Zero account, typical spreads are 0.3 pips on the EUR/USD and incur a commission of roughly 0.6 pips per trade, totaling an all-in cost of 0.9 pips. On the Zero account, trading costs are lower, but margin requirements are twice as high as the Premium account, where typical spreads are 1.2 pips.
Published data: While HotForex lists typical spreads across its account types, the broker does not list a date range for the data. We'd like to see an average spread published for a given period, as it is hard to quantify a zero variable spread. However, as mentioned above, the broker does list typical spreads for its other related account offerings, as seen in the snapshot below.
|Minimum Initial Deposit||$50|
|Average Spread EUR/USD - Standard||1.20|
|All-in Cost EUR/USD - Active||0.90|
|Active Trader or VIP Discounts||No|
Platforms & Tools
HotForex is a MetaTrader broker that offers the entire MetaTrader suite, including both MT4 and MT5 desktop and web. The desktop version supports automated trading systems known as Experts through the MQL5 signals community.
While MetaTrader4 and MetaTrader5 come standard, HotForex does provide customers an optional suite of trader tools, called Premium Trader Tools, developed by FX Blue Labs. Highlights from the 12 tools provided in the package include Trade Terminal for advanced order execution, Connect for news, Alarm Manager for alerts, and additional technical indicators like Renko bars, pivot points, and order history.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting - Indicators / Studies (Total)||51|
|Charting - Drawing Tools (Total)||31|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
HotForex provides research resources that include analysis and trading tools incorporating content from in-house staff and third-party providers. FxStreet provides forex news, and trading signals generated by automated pattern recognition are available from Autochartist. Overall, research is on par with the industry standard.
HF Copy: HotForex also launched a copy-trading platform called HF Copy, although considering it is still very new, there weren't many providers available and those that are have a limited trading history.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||Yes|
MT4 and MT5 come standard on Android and iOS. Scoring for this category matches that of other MetaTrader-only brokers. Lastly, it's worth noting that HotForex also offers HF App, which is its proprietary mobile platform with various research and trading tools and calculators, although it does not permit direct trading.
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||No|
|Charting - Indicators / Studies||30|
|Charting - Draw Trend Lines||Yes|
|Charting - Trend Lines Moveable||No|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||No|
HotForex is suitable for traders looking for a MetaTrader only broker that has a handful of additional upgrades from the standard, default setup. While the broker offers a small range of markets compared to top multi-asset brokers, HotForex continues to increment its offering with minor improvements across the board, helping to balance its otherwise mixed offering.
HotForex is a MetaTrader-only broker offering market-maker execution across a mixed account offering where commissions, spreads, and margin rates vary considerably.
Founded in 2010, HotForex operates as a unified brand of the HF Markets Group and maintains a regulatory status in Europe via Cyprus under its HF Markets (Europe) Ltd entity. It is also represented in several emerging regulatory hubs such as South Africa, Seychelles, Mauritius, and St. Vincent and The Grenadines.
2019 Review Methodology
For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.